Back in 1981, I was in high school and remember rocking out to Loverboy's "Working for the Weekend". Flash forward a couple or three decades and now I'm working with clients who are "working for retirement," the ultimate weekend. And folks from all walks of life will ask: Can I afford to retire? So, no surprise when I was asked by someone who we'll call Jerry who just turned 59 1/2, "Can I ... Read More
Retirement & Savings
Growing Your Nest Egg in Retirement
Approaching retirement? How should you allocate your investments so that you can protect what you have while also growing your nest egg in retirement? This is a common question with a complicated answer. There really is no single allocation that is best for someone. It really will depend on your risk tolerance, risk capacity, and retirement income needs. While there are some 'rules of the road' to ... Read More
Estate Planning for the Rich and Famous and the Rest of Us
Famous Chef Gordon Ramsay isn’t leaving his kids an inheritance. Should you? This brings up a lot of important estate planning questions to consider for the rich and famous and the rest of us. Gordon Ramsay and the $140M Question Gordon Ramsay, famous TV chef who has an estimated net worth of $140M1, has four children who are 15-18 years old. But he’s not leaving them a dime. In his words, ... Read More
Is Monthly Income from Divorce Taxable?
As part of my divorce planning practice, I often work with clients to help them chart out their cash flows and projected tax issues to help reduce surprises. Sometimes folks can be confused about what is taxable income. A common question: Is monthly income from divorce taxable? In one case, a woman asked if the monthly benefit she received from her ex-spouse’s military pension was taxable since ... Read More
Why Women Are Better Investors Than Men
Anything you can invest, they can invest better and science backs this up. According to a recent study, women are better investors than men. Guys, take notes here. If you want to invest like Warren Buffet, you may want to invest like a girl because he does. Read on for the secret to why women are better investors than men. The world of finance is thought to be a man’s world: Cigars. Receding ... Read More
You Sold Your Business. Now What?
You've worked hard. And now you want to enjoy your rewards after having invested blood, sweat and tears building your business. If you're lucky you get someone or some company to buy you out. Before you pop the cork off that champagne bottle, you better get your ducks lined up. You sold your business. Now what? You Sold Your Business. Now What? Most every business owner and entrepreneur has one ... Read More
How Much Money Do You Need to Quit and Sail Away?
How Much Money Do You Need to Quit and Sail Away? No, Seriously. You wake up. Go to work. Get home. Rinse and Repeat. For many, it feels like being stuck in a hamster wheel. What if you decided to call it quits and retire early? How much money do you need to quit and sail away? If you’ve ever wondered what it’d be like to walk away from the rat race... this article is for you. Whether ... Read More
What’s the Difference Between a Direct and Indirect Rollover?
You've changed jobs or retired. You're faced with lots of paperwork and decisions. One of those is what to do with your retirement funds at your old employer. You've heard about a rollover but what's the difference between a direct and indirect rollover? What's the difference between a direct and indirect rollover? If you're eligible to receive a taxable distribution from an employer-sponsored ... Read More
Five Ways to Save After Maxing Your 401(k)
If you have maxed out your 401(k) contributions (voluntary pre-tax deferrals of $18,000 or $24,000 if you are 50 or older by year end) and want to save more for your retirement, here are five more ways to save after maxing your 401(k). On Investopedia recently, an investor asked 'How can I save if I already maxed out my 401(k) and IRA?' If you have the cash flow and desire, you can ... Read More
Is a Roth IRA Conversion Right for Me
When is a Roth IRA conversion right for me, asked a pre-retiree recently. Well, it depends. And while never a satisfying answer, it is a personalized decision based on many factors. Let's say you're in a similar position as this pre-retiree who asked this question in an online financial advice forum recently. She's age 62, currently receiving a taxable pension of $1,500 per month and now ... Read More
